I have been using this website for about a year now. To be honest I have lost big money in this. However, even after loosing everything on my first and second attempt, I have taken up a third attempt. I, will not disclose how much money I lost but certainly for my earning the loss was huge. One of my biggest mistake was never withdrawing any money from my XFOREX account. Yet, I know for sure that this is a place where you can make decent income. You make a lot of mistakes while learning, but you simply become a good and better trader as you persist in understanding and trading in forex market.
I wish to share with you all my experiences in order to help you play carefully in this market while you make money and to understand the website operators which is equally important in your journey of making money online. I will keep updating this blog regularly, so keep checking for updates on this post and do ask me if you wish to learn more about trading in this market. I will be happy to help.
1. Start with a small amount. $100 is good to start with. With this you may first see how you can make a dollar or two with your first transactions. I went stupidly wrong with my first transaction (details in point 2), however, in a few hours went from $100 to $170. And then later lost everything more stupidly.
2. XFOREX offered me an insurance of $30 on my first transaction. This in-effect would have added to my equity the transaction profit + $30. With what they had set this could have been about $20 + $30 and that would have made my equity grow to $150 with the every first transaction. And as I observed the market later, this would have definitely happened. However, I got exited closed my transaction when I saw it going positive with a $2 profit and closed it immediately. I made just $2 instead of the $50. Anyway, that was my first learning in the market. If you start with XFOREX, do remember to ask them for the insurance even if they do not offer it to you upfront.
3. As I said, the same day I carefully made $70 and then got exited again. I opened multiple transactions and learnt a good lesson on how to loose money in the market. I ended up with just $8 in my account on account of calibrations. Well, I have used terms now that must be confusing, however I promise to explain them later. This experience gave me the confidence that money can be made trading. However, my confidence that you can make money in every transaction shattered.
4. I go for another attempt. This time I make a little over $2500 within under a month and then loose everything all over again. This actually turns out to be a big loss and I am forced to stay away from the market for about 3 months. Learn all about how you can loose money and avoid being a fool.
5. I renter the market with $150. I knew $100 was enough but to reduce risks I added a $50 extra. Believe it or not deep in my heart I know that anything less than a $200 is absolute risk. But I wanted to find out everything that could make one go wrong while trading. With no intention to loose any more I started to trade once again.
6. You get bonuses for trading a certain volume. I would recommend that you first get your bonus added before you start trading. When you achieve your target the bonus gets added to your account and thus your equity would rise sharply. This will also counter any loses that you might have made with such a small investment.
7. The currencies will always seem to gain in the wrong direction and you will have no hope that the transaction you opened is going to fetch you profits. There are many reasons for this to come about.
- You opened the trade at the wrong minute.
- You leave it unattended ignoring market trends
- You do not know where to look for the market indicators
- You have failed to take the necessary action to counter the effect
But how do you know what you need to know. Well first you need somebody to give you sound advice.
8. Hedging is good. But there is many things to learn with hedging. You need a lot of training to utilize the powers if hedging. You must not brake your nerves because Hedging and three transactions can help you make at least $10 a day if not $20 or more. Yes that's true, but you would take time to figure out how to achieve this.
9. Money does come into your account when you withdraw. Hence, I do not believe people who report that the website is fraudulent. It does not seem thus to me. You loose money if you are not careful. You may take time to learn. But when you know about the market and learn to deal well, you do make money.
10. Saving on printing of withdrawal slips would be another aspect. Why waste money on printing?
Ask me questions, I want hits on my blog. If you do you will surely be answered.